Ma Foi to offer additional stake to an Australian company

The company hopes to clo
17 April 2003

The company's Singapore subsidiary, Ma Foi Singapore, was able to break even within the first three months of operations, bagging assignments in the oil and gas industry. Some of them are Halliburton (Singapore), Ranhill Worley (Malaysia), Aker Kvaerner (Singapore) and Shell Asia.

According to Rajan the Iraq reconstruction will see engineering services being offered by Europe while detailing will be from the Asian region.

Ma Foi, in the meantime, has decided to offer additional equity stakes to Chanakya Software, Australia. The Australian company holds a 2-per cent stake in Ma Foi. "Discussions are on, and a decision on the subject will be taken soon," says Rajan.

About the company's fully-owned subsidiary Ma Foi Outsourcing Solutions (MOS), which is the country's first fully-integrated human resources business process outsourcing company, Rajan says it has bagged a London-based healthcare recruitment firm as its first client.

The company hopes to clock a turnover of Rs 4 crore. Currently, MOS has 60 professionals and services 39 clients and the company has plans to increase the capacity to 100 seats by this yearend. Rajan says a Dubai-based company has shown interest in picking up some stake in MOS.

Ma Foi closed last fiscal with a gross revenue of Rs 48.66 crore and a net revenue of Rs 17.40 crore (gross revenue minus the salaries of deputees). The profit after tax went up to Rs 1.16 crore from Rs 62 lakh registered during 2001-02.